Software has become the backbone of most industries, and the banking and financial services sectors are no exception. Whether it’s processing loans, helping customers open accounts, or managing fund transfers, finserv and banking employees rely on an array of digital products to perform their jobs efficiently.
To excel at work, these employees need to leverage digital tools (some old, some new, many of them homegrown or internally built) for business-critical tasks—and in ways that meet regulatory standards and align with larger company goals. A poor software experience can lead to more than just frustration—it can cause significant harm to the organization and its customers.
When software failures lead to costly errors
Weak, inconsistent compliance efforts can be dangerous for any company, but in the finserv space in particular, they can result in disaster. Think ruined reputations, massive fines, and in some extreme examples, incredible sums irretrievably lost.
While not every software issue results in such significant financial losses, poor user interfaces (UIs) and convoluted digital processes can still damage financial institutions. These challenges often lead to lower employee satisfaction, higher turnover, lost revenue, and inefficient use of resources. However, financial services organizations can mitigate these risks—by leveraging an intelligent digital adoption platform.
Better workflows mean better performance
Financial services professionals often work across multiple software platforms and apps, some of which may be difficult to navigate. Pendo’s digital adoption platform provides analytics and AI-powered insights that reveal where employees encounter obstacles and compliance hurdles. Are employees dropping off at a key point in an important workflow? Are they not filling in critical data fields? Are they using shadow IT tools or other shortcuts to navigate around a confusing or cumbersome existing process? Understanding these pain points allows operations teams to optimize workflows and improve governance and productivity in the process.
By leveraging these insights, financial services organizations can streamline processes, eliminate blockers and confusion points, and offer in-app guidance and support that helps employees navigate their work more effectively. This not only boosts compliance and adoption rates but also reduces inefficiencies and increases overall employee satisfaction. With timely, contextual, and relevant support at their fingertips, employees can work smarter and know that they’re doing so in the right ways.
Making employees compliance champions
As IT and business operations teams drive compliance improvements, it’s important to give employees a voice in the process. With Pendo’s feedback features, leaders can collect valuable input from staff on which compliance-related changes, training, and support are working vs. where adjustments are needed. Combining this feedback with behavioral analytics enables better data-driven decisions, ultimately leading to stronger compliance and more effective governance.
Financial institutions have it in their power to boost productivity while maintaining strong governance over how work happens. A big part of that is ensuring employees can work effectively and confidently without risking major compliance breaches. With Pendo’s all-in-one digital adoption platform, these goals are within reach.
Interested in learning more about how Pendo improves compliance? Get a custom demo here.
